U.S. bankruptcy court approves LATAM Airlines restructure plan

(Reuters) -A U.S. court docket has accepted LATAM Airways Group SA’s chapter reorganization plan, the area’s largest air transport group stated on Saturday.

The U.S. chapter court docket for the southern district of New York accepted the plan for a restructuring below Chapter 11 of the U.S. chapter code, the airline stated, including it hoped to emerge from chapter safety within the 12 months’s second half.

Its plan will inject about $8 billion by a mix of capital enhance, problem of convertible bonds, and the brand new debt.

Born in 2012 from the merger of Chile’s LAN with Brazilian rival TAM, LATAM filed for chapter safety two years in the past in the USA due to the fallout of pandemic curbs.

(Reporting by Akanksha Khushi in Bengaluru; Enhancing by William Mallard and Clarence Fernandez)

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